The trade war between the U.S. and other major economies escalated on Friday after Washington and Beijing launched punitive import tariffs on $34bn (£25.7bn) worth of each other's goods.

If you like Chick-fil-A sandwiches, for instance, you may feel the impact of the tariffs.

"Today, the acquisition of a Silicon Valley startup or even a health care provider may raise just as serious concerns from a national security perspective as the acquisition of a defense or aerospace company", Assistant U.S. Treasury Secretary Heath Tarbert told Congress in April.

Hong Kong shares were down 0.2 percent, while Shanghai lost 0.1 percent. The Nasdaq composite added 44 points, or 0.6 percent, to 7,631.

Just hours after the United States introduced 25 percent trade tariffs on $34 billion worth of Chinese goods, Beijing has retaliated with mirror measures against American imports.

"The US has provoked this trade war, we do not want to fight it, but in order to safeguard the interests of the country and the people, we have no choice but to fight", said Gao.

Trump is doubling down on his promise to put "America First" in the nation's foreign and economic policies. But the thing is some say the trade war started this morning, and in a war, it's not always calm or controllable or rational. Some American companies that rely on Chinese-made machinery or parts, for example, will eventually have to pass along at least some of their higher costs to customers.

Xinhua, the Chinese state-run press agency: "Such a protectionist tool will directly impact enterprises worldwide, including those of the United States, and does not jibe with global rules on resolving trade problems".

Buying interest in US beans from China, the world's top importer of the oilseed, has slowed to a trickle ahead of the tariffs, with one remaining USA cargo heading for China still on the water. Beijing is expected to hit back with tariffs on the same amount of US goods, targeting a total of around 545 USA goods ranging from soybeans to pork.

Nancy Johnson, executive director of the North Dakota Soybean Growers Association, said prices have dropped in the past month, but "we typically are not selling a large number of soybeans at this time of the year". The U.S. has already levied tariffs on steel and aluminum imports from Canada, Mexico, and the European Union, angering those allies and prompting them to retaliate. Instead, the U.S.is engaging in trade disputes with its friends over imported steel, aluminum and autos.

"The market is counting on this to subside", said Erik Davidson, chief investment officer at Wells Fargo Private Bank. But, as Republicans also correctly note, they continued under Trump.

The dollar and United States treasuries have also been sensitive. Markets have been watching to see if tight labor market conditions would force wages higher, a sign of inflation. The drugmaker's stock soared 19.6 percent to $357.48 on encouraging results from an Alzheimer's therapy.

Technology goods like semiconductor chips assembled in China.

US crude oil prices reversed an early slide. Benchmark U.S. crude dropped 53 cents to $72.41 per barrel in NY. Brent crude was also 0.2 percent higher at $77.52 per barrel.

CURRENCIES: The dollar fell to 110.35 yen from 110.51 yen on Wednesday.

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His comments come only hours before he's due to meet German chancellor Angela Merkel on the side lines of the summit in Brussels . Mrs May said: "Nato is as vital today as it ever has been and our commitment to it remains steadfast".

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